Simon Constable and Jared Favole discuss Vice President Joe Biden's remarks at a Virginia rally, and Caroline Porter looks at how cities are making big bets on streetcars. Photo: AP.

This transcript has been automatically generated and may not be 100% accurate.

... the ... what you ... what you will see ... me was ... that he says the first hundred days he let the big banks once again right to roll roll ... Lynne Cheney ... Wall ... the guy with y'all back in. eighties the ... I was Vice President Joe Biden pudding is flawed in its mouth Elliott today in Virginia when he explained that the old mall as well ... right and right now on the New Saab good afternoon and welcome I'm Simon Constable ... let's go to a Jack of all ate with them with the news news was in Washington D C who's going to try and ... explain the seemingly unexplainable ... by John thank you very much for of for ... for joining us today ... thank you Brian ... this goes for a while ... Joe Biden Nestle said again and while ... the rumpus that its coolest ... yet so basically you know he was talking about watch or form which may Romney has said ... he wants to roll back we don't know how specifically how much she wants to roll back ... but in talking about that kind of ... getting you in the crowd booing and they were pulling Mr. Biden there are brewing ... the fact that Iran in rollback watch or form he seemed to speak a will but off the cuff and said ... that the ... basin to run these pulses with the people backing chains ... have been as legacy ... of white light as in slavery ... I get on the service that was his intent insurer was some ... it's hard to understand is intense is the boy sure sounds like then you can hear a little bit in the tape ... then after he said of the crowd ... they did cheer but they also seem to cheer there are some crews in there and so you know start really hard to read ... on you know what he what he meant but but boy did it sound send them ... into it sounds very August well now aam I descend the ... Romney campaign has shot back at this sampling of slanderous and baseless ... yes and they call it the new low in the campaign ... and if you you know the context of the last few weeks the campaign to be going back and forth ... over Super PACs as over ads in ... one of the pro Obama Super PACs ... hadn't I became nonbelievers last week that ... didn't many interpreters accusing the Romney ... of leading to the death of a steel worker because ... that that Steelworkers point didn't have health insurance ... now what we also understand the the Obama campaign attacking deputy campaign manager Stephanie Cox the Michelle but that of what they have no problem with those comments does not surprise you ... it doesn't mean he is the vice president another to stand by him ... on the sea so something so erroneous but ... the weight of the way up Stephanie cutter deputy CAM and campaign managers Friday ... is that for months you know vice present has been saying that ... on day one on shackle the middle class from policies that have brought the middle class that over last ten years she said this is just a derivative of that ... and what he was trying to say she say what he was inclined ... to try and is the isthe and the ... consequences of rolling back Wall Street for ... now did Joe Biden vice president has some as they have a history of a stake in Spain is miles away ... yes he does the between his famous comments and bought one present Obama signed the health care law which I will not repeat here ... to some this comments in the two thousand and eight campaign trail ... bikes even this piece today and in the end of the speech today he was talking to ... a bunch of voters and Virginia and he attended a speech by saying ... well she does go out there do not endorse me new work are with us we can win North Carolina ... but he doesn't in North Carolina he was in Virginia ... Beach is it just keeps on on doing this and do you think I'm the and the Obama campaign are gonna wanna some of the ... Cindi him away put him in a case of a safe states outside the Democrats on this and just take take his mouth over a summing ... all I don't think so I think is their tacked on and if you look of the ... period when they both won both present Obama and Vice President Biden speak and sing dancing topic ... it was President Biden always tends to use a little bit stronger line which is the kind of pushed the edge a little bit if not ... sometimes trip over some people say ... so I know I don't see them operate it was not having them put in a closet wall ... to ... wall was fun stuff thank you very much John for low light that is his wise in Washington DC ... mall on that story on the We acid J dot com ... while consumer discretionary stocks have been boosted stocks that I will have more on that path the break ... welcome back to the new supper at the beest live I'm Simon console that is a show on the Big Board the Dow eking out a little day meant that ... on stilts broadly ... last week of the Nasdaq down they have that kind of the SNP ... basically unchanged point zero one percent down while wheel Steve Russolillo that tells all about what went on today ... was a photo finish at the end Simon ... point zero one this time I mean that is displayed with fleas that almost like watching painter yet but I you know ... again the flat reading today on hopes that we will buy and it's the same theme that we've seen it I guess a day on Friday and this week that the last few weeks that buying has been pretty low ... it's it's shaping up to be a typical summer we have added to fill some are quite a while but it's been it's been quiet ... this surprises me because we did get some some very interesting better than a ... re Telcel's cousin this morning and Dom ... they seem to be all quite a lot ... aam intended but the prior months was revised down quite a lot so it was sort of like why ... is that was basically half of the base Lee of that investors look to the answer them you know was relieved when I don't know what exactly I think what you had was in the morning people with this and they saw the re Telcel's reporting the percent that is actually a pretty good I had played one yuan seventy one yet yet and that comes after three straight months of declines so ... you're saying ok maybe the trend is turning me that people are actually starting to spend a little bit more that looks like a good sign ... of upside ... but on the flip side though ... it is one month that the CIA to keep that in mind and it is still to look at what the three-month moving average ... front month was run down points of the anti slow down when some some popcorn and a set ... of problems of the mindset is ... essentially flat so yes they have a lot of economists are saying that ok ... if it isn't a lot one month of good data if you can continue this that this can keep happening for the next few months ... than the other trend rate now it's still the one month so ... can really get too excited about it that's why in the morning stocks opened up and was of the in ahead of a positive opening in that kind of his will for the ways that they would lose though ... descended on the brains of investors ... with us of awesome and data on about the producer price index which it which is the wholesale inflation basically ... and when when you exclude cars and trucks aam was actually quite high was double was expected to write write double as expected I think still though ... not high enough ... that's going to stop the Fed to maybe she's thinking on whether that may come in and keeps them in the economy I think that this is the more printing money this one expected in September right right I think that that's what people really look especially in this report is that OK is inflation perhaps getting way ahead of itself and is that going to stop the Fed from ... doing what it may do in the future and and right now it does seem like that's the case so ... it seems like Iain with all the data that we're seeing now ... the economy isn't doing great it's also not tumbling into another session sort has ... written a middle point so that if it if we see eight point four percent which is in one month quite a large increase in in in ... wholesale inflation if we see last ... month after month after month after month of the month ... Benckiser me the Fed would the Oracle will one hopes write because inflation is based in ... April ... I don't know that we're to see that month that the market the month of the month is only one month of data rate now so that I know where we stand but I ... know it if you talking about to speak on in general you look at housing ... home Depot but ahead of really good report this morning they on good earnings but also boost their earnings outlook for the recipe here ... that's a good sign for GE's people are spending on ways to improve their homes than ... just another sign that the housing the worst housing hopefully hopefully ... is behind us ... hopefully Pope would cut the many times ... anyway Steve Russolillo on some in the morning bowl of news on the consumer price and headline inflation on the the new sub at eight thirty am agreement states ... funhouse streetcars and minding arriving on Main Street said ... more on that after the break ... welcome back to the new sub at the beest live as a show of Standard Chartered Bank a U K based bank which has agreed to settle its New York case against new regulations mean Liz Rappaport ... of The will Street gentle hit explain exactly what's going on there ... and how this one will be the end of the situation full ... time ... basically said it agreed to pay three hundred and forty million dollars to New York's Department of Financial Services ... to settle allegations that they brought out last Monday that the bank to be legally nonstarter ... illegally ... I did transactions for some Iranian clients and an mask their identity so that that is the city's elite sixty more than sixty thousand ... transactions and Dom ... but times like totaling two hundred and fifty billion dollars write the allegations are that they did something called wire stripping which is basically ... standing order through her money transfer with no ... indication of the client is our Quits forearm where it's going on what the plans etc like sending a blank ... check and having money go somewhere ... nice based on a nice way of eating aware that they didn't ... like what are they meeting Annie kills him because sometimes we have a subtle and some people don't admit to he feels that the police have not admitted any wrongdoing and I and as I understand that it's really important to the bank to make clear that they ... they don't want to admit any wrongdoing ... here they have done an internal review of their own transactions and have found ... only fourteen million words that were ... potentially improper as opposed to under fifty billion which is within your regulators Alec is alleging visited the distance from the big deal in the under fifty billion ... this quarter but truly ... not ... so um while other regulators looking into Senate office ... um several others there's investigations going on in to Standard Chartered by the U S Department of Justice the US met at the Manhattan district attorney's office ... those are ... um the criminal as I understand that the pros ... and added ... there are ... investigations by the U S Treasury Department and the Federal Reserve is well known in the headline is this U S Treasury SOzol Regulators long Forstmann to hold by quote accountable ... yes ... I met some pretty tough language actually yes I mean as I understand at all these regulatory agencies and prosecutors have been improving this bank for a long time that the bank had been kind of ... operating the master of slower traffic to maybe come to some kind of negotiations or settlement with other regulators and in York ... Department ... um you know what we just what when ahead and put together these allegations on its own and Dom and now the ships of your regular stereotypes here ... so the newly regulators scrapping is like an ugly experience to watch ... it or not they experienced what she adds I think it's ... it's un fortunate because you know in the end of every regulator has their agenda and are on the ... right to do whatever they want but I guess in this in this type of case they've they've ... often all worked together kind of and share tax and ... and and and negotiated together with the bank which seems like a pretty good deal for the bank actually ... what I'd made maybe this time alone will find out I guess that made maybe not when nom what when it will come Sarang will come some ... question is this something to do with London's regulation has long been ... considered to be very light ... before rates of me a developed country red light regulation Clunie ... design and some some might say could be some items that out of the New York and Washington as well ... ALM so that that but but it is is tends to be fairly polite form of regulation from the Bank of England ... aam is that because the U K regulators to get what it'll do me like that light regulation ... you know I don't I don't know that I can't speak so well about the U K regulators and their ... relationships there were deftly upset that that ... the New York on her financial services took such a hard line and you know in the U K's ... fifth largest bank so they they actually spoke out Conover ... uncharacteristically and loudly last week about his actions and I think that they ... I think that they would rather ... him be regulating the banks themselves that have New York regulators for revenue would love the way back a very long time ago um if anyone can remember I know I can't ... BCCI bank credit come of this come as international had a branch and a big one right next to the Bank of England and of course ended in complete disaster nagged and wisp of the light regulation massive while quite a long history of this to the iPad ... anyone area knows ... you'll be writing more on this central thank you Brian much Liz Rappaport all the Wall Street John all ... well streetcars might be coming to Main Street and a new level on a right now with Caroline Porter and she joins us now from ... from China patron much that she has in Chicago ... a street cop ... updates of ... industry causing giants of things going pretty well for Wales and an electrically powered along with the intentions of them know why it on Citi's morning to do this ... one ... they spent such a long time ripping up the tracks Again rid of them years ago ... read that high the primary why it that they need to cut the economic ... growth ... a toll ... because they have that that that that ... when ... you go over to like about that and that that can provide ... when UU victory car and you put in the top ... it's more likely that that that that will want to develop ... and pass it they ... that they get it that well that that meant or that the Fed and the other prevent ... it if that's what it is ... not as big of a deal is putting it in my real worry ... on ... the real thing from that company to give it a wide chunk ... of time with the bears ... have captured actually pick the option ... of taking the leave it ... on into the living forward ... by it I ... don't have to beg ... yearly quite as much as ... one of the larger trend that I've that the place ... this is the limits of the love story of Aris blankie and some may not like me yet what will they called it the trams which always looked a little um of this ... summit is pizza to me when when when they're with their oaths of the the antique once now ... I've seen these things in some countries hit cost right and that's can have two hundred times having a two-time cop ... that always loses is now a worry to any body or a son already being talked about ... you know that ... something that had he talked about a time that it might be apparent but I've often heard that there ... more passionate friendly than other option though ... I forgot to write ... this so with with this becoming scene you'll today we did using a mean these these are the basis of of of the city's medium size cities Atlanta is one of the mansion where else ... and that he cant that that the baby Apple is ... that it could have on our way ... and that Seattle ... above are but you're right that that the isthe though an AFL looking to build want ... them ... to Ellen E the city that ally in the city of that um looking and that that that's very interesting to me it's so what these before people just nipping around the town sense old downtown areas or they beat the commute is to ... it goes ... though I've definitely heard ... more about trade ... and ... current and I have ... to take it that definitely not something that you take ... the perfect that eighty eight and be more like a two mile for mile ... don't get when you wanna go get a cup of coffee ... or we get to go take a walk back and think this looks ... like this ... me and my muscles inside of this ... I heard it mentioned that but I do not think that I may ... never a factor ... but I think that they can they really it the economic impact of the AP that it can to help grow the economy ... a lot of the federal stimulus dollars that are going into the project ... on ... the recovery act but the effort that was definitely on the belief that ... why electricity on my so as to the power outage the single scull ... I guess ... I would have agreed that the true though ... is ... the question that got into that situation I can't think ... of to ... the great stuff very interesting story moments of most of the tunnel and for all the Wall Street Journal in Chicago and to that sounds like the fast lane soaring that's it that's the news of the math comeback eight thirty tomorrow morning for more than use of the great CPI inflation outflows thing have a great night ...